Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Solid US jobless claims

While you were sleeping: Solid US jobless claims

March 7 (BusinessDesk) – Wall Street climbed, pushing the Standard & Poor’s 500 Index to a fresh record high, after better-than-expected US jobs data bolstered optimism about the pace of recovery in the world’s largest economy.

Initial jobless claims dropped by 26,000 to 323,000 in the week ended March 1, according to Labor Department data.

"Initial claims returned to a more normal level, consistent with a healthy labour market turnover," said Yelena Shulyatyeva, an economist at BNP Paribas in New York, told Reuters.

The latest data underpinned optimism for the government’s employment data, scheduled to be released on Friday morning in Washington. Companies added 150,000 workers in February, according to separate surveys of economists by Bloomberg News and Reuters.

Philadelphia Federal Reserve Bank President Charles Plosser said he believed the US economy was “continuing to improve at a moderate pace,” adding that he expects growth of about 3 percent this year.

“Prospects for labour markets will continue to improve, and I expect the unemployment rate will continue to decline, reaching 6.2 percent or lower by the end of 2014,” Plosser said in a statement of his talk at the Official Monetary and Financial Institutions Forum in London, the UK.

“On monetary policy, we must back away from increasing the degree of policy accommodation in a manner commensurate with an improving economy,” Plosser said. “Reducing the pace of asset purchases in measured steps is moving in the right direction, but the pace may leave us well behind the curve if the economy continues to play out according to the FOMC forecasts.”

In afternoon trading in New York, the Dow Jones Industrial Average rose 0.52 percent, the Standard & Poor’s 500 Index gained 0.37 percent, while the Nasdaq Composite Index advanced 0.17 percent. Earlier the S&P 500 climbed to a record high 1,881.94.

Shares of Caterpillar and JPMorgan Chase gained, last up 1.8 percent and 1.2 percent respectively, leading the increase in the Dow.

So far in 2014, the S&P 500 has added 2.2 percent, while the Nasdaq has risen 4.8 percent. The Dow has lost 0.3 percent in the same period.

In Europe, the Stoxx 600 Index edged higher to close at 337.28. The gauge, which has fallen 0.2 percent so far this week amid tension over Ukraine, is 0.3 percent away from a six-year high reached February 25, according to Bloomberg News.

The UK’s FTSE 100 rose 0.2 percent, while France’s CAC 40 added 0.6 percent. German’s DAX finished the session little changed from the previous close.

The European Central Bank maintained its benchmark interest rate at a record low 0.25 percent, as had been expected by most economists and forecast a gradual increase in inflation.

“The news that has come out since the last monetary policy meeting are by and large on the positive side,” ECB President Mario Draghi told reporters in Frankfurt on Thursday, according to Bloomberg. He said while there were political risks to what was happening in Ukraine, it was too early to say, except for Russia, what the global economic impact would be.

Meanwhile the Bank of England kept its key rate at 0.5 percent and its bond-buying plan at 375 billion pounds.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news